Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, announces the availability of North Carolina Renewable Energy (RE) tax credits following a settlement with the North Carolina Department of Revenue (NCDOR).
Fueled by a generous NC tax credit for renewable energy development, Monarch and its development partners participated in the financing and completion of over $1 billion of NC renewable energy projects between 2012-2016, catapulting NC to the second-ranking state in renewable energy development after California. In 2018, following the completion of these projects, NCDOR challenged investors claiming these credits.
In a recent comprehensive settlement with NCDOR, Monarch secured the commitment by NCDOR to honor all NC tax credits reported by Monarch’s investors. More importantly, for purposes of this news release, NCDOR agreed to allow Monarch to place over $47 million of previously unplaced NC RE tax credits. Judge Adam M. Conrad, who presided over the litigation, granted Monarch the equitable relief it sought and allowed Monarch to place these credits over the years 2024 through 2026. Additionally, Judge Conrad retained jurisdiction in the matter to ensure the terms of the agreement, specifically the placement of the credits and their use by Monarch’s investors, are honored by NCDOR.
The placement of these 2024, 2025 and 2026 NC RE tax credits is unique in many respects. First, NCDOR has agreed to revoke its Important Notice of 2018 and not challenge these tax credits based on the federal principles it was attempting to employ to disallow these tax credits. The only potential challenge to the use of these credits by a taxpayer would be failing to become a member of the entity allocating the credits to them under NC state law (i.e., the credits cannot be sold to investors under NC state law). The federal tax treatment of the allocation of the NC RE credits is now irrelevant. Finally, these NC RE tax credits are not subject to recapture since the recapture period for these credits has long since expired.
The use of the NC RE tax credits is subject to the same limitations of 50% of the taxpayer’s tax liability. A corporate taxpayer may use the credits against either income, franchise or premium taxes. The taxpayer elects annually which tax the credits are applied against. However, to the extent any of the credits cannot be used by the taxpayer because of the 50% of liability limitation, they are still eligible for the five-year carryforward as found in the prior law.
Under Judge Conrad’s order, Monarch has over $24.8 million NC RE tax credits available for placement in 2024. This offering presents a unique opportunity in terms of extremely low risk and high return compared to returns on other states’ tax credits.
“Monarch Private Capital is pleased to offer investors the opportunity to participate in North Carolina Renewable Energy tax credits,” said George L. Strobel II, Partner, Co-Founder, and Co-CEO of Monarch Private Capital. “Our recent settlement with NCDOR underscores our commitment to protecting investors’ interests and facilitating impactful investments in renewable energy projects.”
Investors interested in participating in these tax credit opportunities can engage with Monarch by investing in the partnership entities designated by NCDOR and Judge Conrad as holding these tax credits. Upon investment, investors will receive a 2024 K-1 form, indicating their tax credit allocations. The entity is expected to liquidate at the end of 2025.
For more information on Monarch Private Capital and tax equity impact investing, interested parties can contact George Strobel at gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Monarch Private Capital, a leading impact investment firm renowned for its development, financing, and management of a diversified portfolio of projects generating federal and state tax credits, announced today that it has reached a settlement with the North Carolina Department of Revenue (NCDOR) regarding the treatment of North Carolina tax credits. Under the terms of the agreement, NCDOR has committed to honoring all of the North Carolina tax credits reported by Monarch Private Capital’s investors.
This settlement marks a significant milestone for Monarch Private Capital and its investors. All investors who received NC tax credits, either directly or indirectly from Monarch, will have 100% of their tax credits honored by the NCDOR and will be entitled to refunds and interest where applicable.
“Monarch’s unwavering commitment to protecting our investors’ interests has yielded a favorable resolution with the North Carolina Department of Revenue. We felt morally obligated to support our investors in persuading the NCDOR that the position it took was in error. After six years of confrontation and litigation with NCDOR, including the successful prosecution of three separate suits filed against NCDOR and spending millions of dollars in legal fees and expert witnesses, Monarch was ultimately successful. We were determined to ensure that our investors received not 90%, not 95%, but 100% of the NC credits that they expected to receive.” said George L. Strobel II, Partner, Co-Founder and Co-CEO of Monarch Private Capital. “This outcome not only assures our investors receive the benefits they deserve but also paves the way for continued investment in North Carolina’s tax equity projects. We are proud to have played a proactive role in supporting economic growth and job creation in the state, underscoring our firm belief that state tax credit incentives are highly effective in driving positive change.”
Monarch Private Capital remains committed to advocating for its investors and ensuring the success of renewable energy projects, affordable housing projects and historic renovations across the nation. We are proud to note that after twenty years of business Monarch has never had an investor lose a single dollar of tax credits. For more information on Monarch Private Capital and tax equity impact investing, please contact George Strobel at gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Monarch Private Capital, a nationally recognized impact investment firm specializing in the development, financing, and management of projects generating federal and state tax credits, proudly announces an exceptional conclusion to the year 2023.
Highlights of 2023
Monarch Private Capital is pleased to report significant achievements across multiple sectors in 2023:
• Affordable Housing: Monarch successfully closed 33 affordable housing projects, generating nearly 300 million in tax credits and $1.2 billion in project capital, and will result in the creation of 3,625 affordable homes.
• Renewable Energy: The closing of 29 renewable energy projects will generate more than 300 million tax credits, enabling nearly $730 million in energy development, and establishing 476 MWh of clean energy capacity.
• Historic Preservation: Monarch closed 15 historic preservation projects, including its largest ever federal credit project, which together generated more than 75 million tax credits and over $400 million in development costs, creating new futures for historically significant buildings.
• Film and other state credits: Deals closed on 140 million film and other state credits including 22 distinct film and entertainment projects, significantly contributing to economic development across multiple states.
“We are thrilled with the accomplishments of Monarch Private Capital in 2023. These successes demonstrate our commitment to creating positive impact and driving innovation in the industries we serve,” said George Strobel, Partner, Co-Founder and Co-CEO at Monarch Private Capital. “We look forward to continuing our mission of fostering growth and making a difference in communities across the nation in 2024 and in the years to come.”
Since 2005, Monarch Private Capital’s tax equity impact investments have significantly contributed to societal and environmental progress. With a focus on affordable housing, renewable energy, and historic rehabilitation projects, Monarch has facilitated the creation of over 40,000 affordable homes, 3 GWh of renewable energy capacity, and revitalized nearly 170 historic buildings.
These projects are not only generating substantial economic benefits, including over $5.3 billion in tax credits and enabling more than $13 billion in project capital, but will result in remarkable environmental outcomes. For instance, the renewable energy investments will abate 95 million MT CO2e over their lifetime, which is equivalent to removing 20 million passenger cars from the road for one year. Overall, Monarch’s investments have driven a remarkable $33 billion in economic impact, promoting the creation of over 300,000 jobs spanning 41 states and Washington D.C.
Through its impactful initiatives, Monarch continues to drive positive change, enhance communities, and promote sustainable development nationwide. For more information on Monarch Private Capital, please contact George Strobel at gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Monarch Private Capital, a nationally recognized impact investment firm specializing in the development, financing, and management of projects generating federal and state tax credits, proudly announces the appointment of Walter L. McLeod as Managing Director of Monarch Strategic Ventures. With over two decades of executive experience in business development, strategy, and government relations within the energy and environment sectors, Walter brings unparalleled expertise and leadership to Monarch.
The Inflation Reduction Act (IRA) holds profound implications for the realms of affordable housing, the Low-Income Housing Tax Credit (LIHTC), and renewable energy sectors. This landmark legislation signifies a historic commitment to clean energy investment, offering an array of tax incentives, loans, and grants aimed at fostering the development of clean energy assets. These assets encompass a diverse range, including residential solar, battery storage, smart thermostats, and electric vehicle (EV) charging infrastructure. Under the visionary leadership of Walter, Monarch Strategic Ventures was conceived with the explicit purpose of “forging dynamic connections between clean energy, affordable housing, and grid modernization.”
“I am thrilled to join Monarch Private Capital and lead Monarch Strategic Ventures. Monarch’s stellar reputation and expertise in affordable housing and renewable energy align perfectly with my passion for positive change in these critical sectors,” said Walter. “I look forward to leveraging our collective strengths to make a lasting impact on communities across the nation.”
Walter is the Founder and Managing Director of Eco Capitol Energy, a prominent cleantech holding company with multiple subsidiaries and solar projects across the seven-state Mid-Atlantic Region. His successful co-development of several high-profile utility-scale solar projects, collectively exceeding 700 megawatts, and valued at over $850 million, underscore his proven track record in the industry.
Furthermore, Walter serves as a Professor of Practice at George Mason University, where he established the Mason Energy Initiative and the Electric Vehicle Roundtable. His contributions to electric vehicle mobility have garnered recognition from industry giants, including Dominion Energy, Xcel Energy, Deutsche Bank, Daimler, Tesla, Volkswagen, EVgo, ChargePoint, Lyft, and Uber.
“Walter’s extensive experience and reputation make him the ideal person to lead this venture,” stated Robin Delmer, Partner and Co-CEO of Monarch Private Capital. “His appointment as Managing Director of Monarch Strategic Ventures underscores our commitment to driving impactful investments in the affordable housing and renewable energy sectors.”
Walter is also a distinguished author, known for his widely read book, “The Carbon Creed,” published and distributed by New Degree Press. He earned his BA in chemistry from the Virginia Polytechnic Institute and State University, an MS in chemistry from the College of Science at George Mason University and completed the Executive Education Program at the Tuck School of Business at Dartmouth College.
For more information on Monarch Strategic Ventures, please contact Walter L. McLeod. For inquiries regarding Monarch Private Capital, please contact Robin Delmer.
Don’t miss the opportunity to meet Walter L. McLeod and get a signed copy of his book, “The Carbon Creed,” at the book signing event on February 20th at SEIA headquarters in Washington, DC. Click here for more information and to RSVP.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
About Monarch Strategic Ventures
Monarch Strategic Ventures was founded with a clear mission: to capitalize on the deployment of IRA clean energy incentives and investments within the affordable housing sector. At its core, the company is forging connections between clean energy, affordable housing, and grid transformation, serving as a catalyst for progress in these vital areas. Acting as a conduit for capital deployment and tax credit allocation, Monarch Strategic Ventures leverages the resources of Monarch Private Capital’s funds and other financial channels. By strategically investing in cleantech projects, the company maximizes the efficient allocation of public and private funds across multiple projects, ensuring a broader impact on communities.
Monarch Perspectives Podcast Episode 4: Evolution of Corporate Sustainability Efforts
Join Rick, Steve, and special guest Melanie Frontczak, Monarch’s Director of ESG & Tax Credit Investments, as they unravel the dynamic journey of corporate sustainability in our latest podcast episode. Explore the evolving ESG landscape, recent trends, and the pitfalls of ‘greenwashing.’ Learn how tax equity investments, backed by third-party validation, play a crucial role in achieving sustainable goals. Don’t miss insights on upcoming trends like environmental and social impact metrics, innovative financial instruments, and more
Listen and learn when you tune into the full episode here, or on your preferred podcast platform. Co-hosts Rick Chukas and Steve LeClere facilitate this ongoing conversation in the first three episodes as well by shedding light on other pressing topics within the tax credit industry.
New podcast series offers insight for investors and developers interested in tax credits and tax equity investing
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, announces the launch of its podcast, Monarch Perspectives. This new podcast aims to better inform investors and developers interested in impactful investing.
The podcast, hosted by Monarch Private Capital partners Steve LeClere and Rick Chukas, features interviews with industry experts to discuss timely topics and the latest updates that are pertinent to investors, developers and owners. The first three episodes of Monarch Perspectives are available today on all major podcast platforms.
“The world of investing can ebb and flow based on economic conditions and other factors, and it’s important that investors, developers and owners are abreast of these changes and evolving trends,” says George Strobel, co-founder and co-CEO of Monarch Private Capital. “We are excited to launch Monarch Perspectives to offer them unique assessments and insights on impact investing and how these investments drive real change.”
Episode one features Strobel and Monarch co-founder and co-CEO Robin Delmer discussing the company’s rich history in impact investing, the intricacies of federal and state tax credit programs, and how these credits are used to revitalize communities and create a more sustainable future.
In episode two, LeClere and Chukas interview Bryan Didier, Monarch partner and leader of the company’s Renewable Energy Division, to discuss the Inflation Reduction Act and the opportunities it presents for impact investors.
Philip Welker, Managing Director of BNA Associates, joins in episode three to shed light on historic tax credits and the challenges and benefits of historic tax credit transactions. Welker and his team have undertaken several historic projects, including the renovation of Atlanta’s Hotel Clermont. Additional episodes will be released in the coming months. For more information, visit www.monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to present its inaugural Impact Report. This comprehensive report showcases the extraordinary outcomes of the firm’s initiatives throughout 2022, underlining its commitment to fostering environmental and social investments that create lasting, positive change.
Pioneering Impact Since 2005
Monarch Private Capital has been at the forefront of devising customized structuring solutions, enabling fund investors to actively participate in projects that make a meaningful difference in their local communities and beyond. Anchored by a rich network of connections, the firm identifies and supports investment opportunities that span affordable housing, historic rehabilitation, and renewable energy sectors, thereby helping investors to achieve their ESG, impact, and sustainability goals and objectives.
Introducing “Touchpoints”
Titled “Touchpoints,” this Impact Report outlines the influence of Monarch’s initiatives across renewable energy, affordable housing, and historic rehabilitation projects. Delving into various facets of the company, the report sheds light on key areas such as partnerships, sustainability initiatives, investor initiatives, and robust fund frameworks. Throughout 2022, these carefully curated investments continued to enrich lives and uplift communities, a feat made possible by the collective efforts of current and future investors. These “Touchpoints” signify the myriad of interactions Monarch forges to create a sustainable, long-term positive impact that goes beyond mere financial gains, emphasizing the firm’s resolute dedication to investing in communities and championing a better, more sustainable future.
“At Monarch, we’re deeply passionate about driving substantive change through our investment projects,” said Melanie Frontczak, Director, ESG & Tax Credit Investments. “Committed to enhancing communities and improving lives, we take immense pride in the positive influence of our investments and are proud to present their impact in the 2022 Impact Report.”
Flip through Monarch’s 2022 Impact Report “Touchpoints”
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers
Monarch Private Capital is pleased to announce the upcoming addition of Bryan Didier as Partner and Managing Director for its rapidly expanding renewable energy division. With nearly two decades of experience in law, the renewable energy sector and project finance, as well as a distinguished career in the US Navy, Didier brings a wealth of expertise and leadership to his new role which will commence around July 10, 2023.
Prior to joining Monarch, Didier served as a partner at Leverage Law Group, LLC for almost 15 years, where he focused his practice on renewable tax credit transactions. At the firm, Didier represented a wide range of clients including tax credit investors, tax credit syndicators, renewable energy developers, lenders and non-tax equity investors. His in-depth knowledge and strategic counsel played a pivotal role in successfully navigating tax-credit enhanced project finance at all stages of development and operation.
Throughout his career, Didier has been recognized as a respected figure within the renewable energy industry. He has actively participated as a panelist and lecturer at various renewable energy conferences, forums and continuing legal education programs. His contributions and insights have helped shape industry best practices and fostered innovation in the renewable energy sector.
In addition to his accomplishments in the renewable energy field, Didier served with distinction in the US Navy and US Navy Reserve for over 20 years, achieving the rank of Commander before retiring. His military background instilled in him a strong sense of discipline, strategic thinking and leadership, which he now brings to Monarch Private Capital.
“Bryan is an exceptional addition to our leadership team. His extensive experience and reputation in renewable energy tax credit transactions and his remarkable leadership skills make him the ideal person to spearhead our Renewable Energy Division,” said George L. Strobel II, Partner, Co-Founder and Co-CEO at Monarch Private Capital. “We are confident that Bryan’s strategic counsel and commitment to excellence will drive our renewable energy initiatives forward and further strengthen our position as a leader in the industry and will help the country to achieve its renewable energy objectives.”
Beyond his expertise in renewable energy, Didier also possesses extensive experience in project finance and corporate governance. He previously served as in-house counsel at both a publicly held utility and a large private chemical manufacturer, where he honed his skills in these areas.
“I am delighted to join Monarch Private Capital and continue building our best-in-class environmental and social investment platform,” said Didier. “Monarch has an exceptional reputation for delivering innovative capital solutions and driving positive impact in communities. Having worked closely with the talented team members for a while now, I am excited to lead the firm’s renewable energy initiatives during what will be a period of much-needed significant expansion of investment in our country’s energy independence and contribute to the company’s continued wholistic focus on environmental and social investing as both a right thing to do and an economic opportunity.”
Didier holds a J.D. from the University of Kansas, where he graduated first in his class in 2004. He also earned an M.S. in Management from Troy University in 1992 and a B.S. in English with a French Minor from the United States Naval Academy in 1991.
As the newest addition to Monarch Private Capital’s leadership team, Didier will play a crucial role in driving the company’s renewable energy initiatives forward. With his extensive knowledge, proven expertise and commitment to excellence, Monarch looks forward to a successful future under Didier’s guidance.
For more information on renewable energy tax equity investments, please contact Bryan Didier by emailing bdidier@monarchprivate.com. For more information on Monarch Private Capital, please contact George Strobel at gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages environmental and social impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
The Company continues to expand its renewable energy division, portfolio and depth of expertise
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to welcome Andrew Milhouse as Manager, Renewable Energy.
Milhouse will focus on identifying market opportunities and closing multi-level deals that create clean energy for local communities and drive positive returns for Monarch’s investors. In addition, Milhouse will continue to streamline the process that connects acquisitions with asset management while actively pursuing opportunities to modernize and enhance the business operations of the firm’s renewable energy division.
Prior to joining Monarch Private Capital, Milhouse held multiple positions at US Bank, most recently serving as an assistant director for its Bancorp Community Development Corporation. During his ten years with the firm, he managed a complex portfolio of renewable energy tax equity investments valued at over $700 million and managed a team that oversaw an 800+ deal portfolio of new market and historic tax credits totaling nearly $400 million in investment.
“Given the expected swift expansion of the renewable energy sector and our Company, Andrew’s extensive expertise in tax equity financing and portfolio management will allow him to quickly make an impact at Monarch, identifying and overseeing viable growth opportunities and strategically positioning the firm for long-term success,” said Brent Barringer, Partner, Managing Director LIHTC & Renewables.
“I couldn’t be more thrilled to join an organization like Monarch that prioritizes making positive impacts on the communities in which it invests while being a leader in pushing our world towards a more sustainable future,” said Milhouse.
Milhouse earned a bachelor’s degree in business administration from the University of Nebraska and an MBA from Saint Louis University in Missouri.
Monarch Private Capital is an active tax equity investor in the US renewable energy sector, financing 275 projects in 26 states. The projects will produce energy equivalent to C02 emissions from 14 million homes’ electricity use for one year.
For more information on Monarch Private Capital and its ESG-oriented impact investment funds, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG-oriented impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.